Cattle futures were higher Monday, supported by another week of stronger cash fed cattle prices and a day of sharply higher wholesale beef values.
Toward the close, Live Cattle futures were an average of 83¢ (20¢ higher toward the back to $1.50 higher at the front).
Feeder Cattle futures were an average of 51¢ higher (12¢ to $1.37 higher).
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $2-$4 higher in the Texas Panhandle at $210-$214/cwt., steady to $3 higher in Kansas at $210-$213, mostly $4-$6 higher in Nebraska at mainly $218 and mostly $5-$6 higher in the western Corn Belt at mainly $217-$218.
Dressed delivered prices were $3-$8 higher in Nebraska at $340-$343 and $5-$7 higher in the western Corn Belt at $340-$342.
Last week’s five-area direct weighed average FOB live fed steer price was $4.69 higher at $216.32/cwt. The weighted average dressed delivered steer price was $4.61 higher at $341.42.
Choice boxed beef cutout value was $6.29 higher Monday afternoon at $342.77/cwt. Select was $5.01 higher at $325.12.
Corn and Kansas City Wheat futures were lower Monday, pressured by Corn’s strong planting pace (see below).
Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 4¢ lower. Kansas City Wheat futures were 10¢ to 12¢ lower. Soybean futures were 1¢ lower to 2¢ higher.
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Major U.S. financial indices closed mostly higher Monday, with positive quarterly earnings reports from the likes of Apple.
The Dow Jones Industrial Average closed 114 points higher. The S&P 500 closed 3 points higher. The NASDAQ was down 16 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were an average of 88¢ to $1.17 lower through the front six contracts.
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Corn planting continues at a strong early pace, according to USDA’s Crop Progress report for the week ending April 27. There was 24% of the crop in the ground compared to 25% at the same time last year and 22% for the five-year average; 5% was emerged versus 6% a year earlier and 4% for average.
As for soybeans, 18% were planted, which was 1% more than the same week last year and 6% more than average.
Winter wheat condition gained with 50% rated as Good (40%) or Excellent (9%), compared to 45% a week earlier and on part with the same time last year. However, 19% was rated as Poor (14%) or Very Poor (5%) compared to 16% a year earlier. 27% of the crop was headed, compared to 28% the previous year and 22% for average.